Principal Life Insurance Underwriting Considerations for Family History
Deciphering how life insurance carriers determine your final rating class is never easy. Many factors are taken into consideration, including your family’s medical history. If your parents and/or any brothers or sisters have suffered from a serious medical condition, there is unfortunately a greater chance that you develop them as well. The life insurance carrier is not concerned if your mother broke her leg playing tennis when she was 18; they are looking for inherited conditions such as coronary heart disease, stroke, cancer or diabetes. If an immediate member of your family has had any of these serious conditions, your rating class may be affected.
As of today, Principal Financial uses a “scorecard” approach that allows positive credits to offset negative risk factors. Cardiovascular disease and cancer may also be considered when determining life insurance rate class.
At Pivot we realize that the amount of information required by a carrier’s underwriters can be overwhelming. We are here to help you navigate the rate class determination by making this process as easy as possible for you. When you have questions or just need clarification, the PivotCare team is always at your disposal. Please do not hesitate to contact us for further details.
The information above regarding life insurance underwriting guideline is subject to change.